Telus 4Q Profit Rises on Tax Gains

It posted net income of $400.1 million, or $1.22 per share, compared with $240.5 million, or 70 cents per share, in 2006.

Excluding one-time items, the company's profit rose 17 percent to $258 million, or 79 cents per share.

One-time benefits included a favorable tax adjustment of $143 million or 44 cents per share.

Sales rose 3.4 percent to $2.33 billion.

Analysts polled by Thomson Financial expected profit of 83 cents per share on sales of $2.3 billion. Analysts typically exclude one-time items.

For the 2007 fiscal year, Telus earned $1.3 billion, or $3.76 per share, compared with $1.1 million, or $3.30 per share, in 2006.

Sales rose 4.5 percent to $9.1 billion from $8.7 billion.

Analysts expected profit of $3.58 per share on sales of $9.1 billion.

Thomas Weisel Partners analyst James Breen said the company's results were generally in line with market expectations but noted its wireless section had a mixed quarter.